CSFB’s Quattrone Defends Practices in E-Mail

Frank Quattrone, Credit Suisse First Boston’s head of technology banking, sent an e-mail to clients defending his business and describing critical news accounts of his practices as “inaccurate.” Quattrone was responding to articles about a Securities and Exchange Commission probe into how CSFB distributed shares of initial public offerings arranged by his unit. Other firms also are being investigated. The articles “have contained inaccurate and misleading content with respect to the potential involvement of our clients, our group and our employees in the matters under investigation,” according to the six-paragraph e-mail addressed to CSFB Technology Group Clients and Supporters. Quattrone, whose firm is the largest underwriter of technology IPOs, told customers to call him directly if they had questions. Quattrone’s spokeswoman declined to comment. The Wall Street Journal reported that Quattrone, 45, may have been paid $100 million last year and invested in companies that his group took public. The SEC is investigating whether firms charged inflated commissions in exchange for shares of popular IPOs.